1. A company performs 20 days of work on a 30-day contract before the end of the year. The total contract is valued at $6000 and payment is not due until the contract is fully completed. Please provide adjusting entry.

2. AC, Inc prepares this entry as a result of information discovered when preparing the December bank reconciliation:

Accounts Receivable 100

Cash 100

The above adjusting journal entry would be considered an accrued revenue. T or F